IMF approves loan for Iraq; let the oil drilling begin

[Clara T]

IMF approves loan for Iraq; let the oil drilling begin
By Joshua Frank
Online Journal Contributing Writer

Dec 28, 2005, 00:50

The International Monetary Fund (IMF) approved a $685 million loan for Iraq on December 24. Now the country's war torn economy will be fully integrated into the global economy -- indefinitely. The reconstruction of Iraq will soon be open to even more industrialized nations and interests.

Iraq will not be sovereign or independent in the near future, even if President Bush says so. The country's financial future will instead be dictated by a new colossal economic occupation, complete with ground forces, tanks, foreign military bases and the like -- all thanks to the United States, Britain and the IMF.
The new loans will soon be the focus of Iraq's future "economic stability." Of course, the desire to capitalize on war's misfortunes is at the heart of this occupation, as well as the IMF's gracious assistance. This is undoubtedly what the Bush administration and their allies have wished for all along.

"This arrangement will underpin economic stability and help lay the foundation for an open and prosperous economy in Iraq," Treasury Secretary John Snow announced shortly after the loan was approved. Translation: Iraq will soon be open for business.

Now the IMF will be able to dictate how best Iraq can pay back its ever-increasing debt, putting its recovery in the hands of others, while the US reaps the benefits. If it's to pump millions more barrels of oil every year, Iraq will be forced to do it. And, in fact, increased oil production is at the heart of the IMF's plan for Iraq.
In a statement released last week by the IMF, the institution reported that Iraq's new government planned to allocate resources next year to expanding oil production as part of a broad economic scheme put forward by the IMF, with the hope of putting Iraq's economy on an upward trajectory. In other words, Iraq will be forced to start drilling for more oil.

http://onlinejournal.com/artman/publish/article_367.shtml